Rio Tinto: the Sell signal loses steam
Rio Tinto barely moves (-0.4%): the 6540-area double bottom tests the decline
Rio Tinto: the Sell signal loses steam
Our view last week
Rio Tinto's decline is back with force: after a quiet week, the stock dropped 4.5% and signal strength climbed to 46 out of 100, once again making lower lows. The short is already up 5.8% since entry. The daily technical picture, though, shows fading seller dominance and a double bottom in the 6840 area: a tense setup worth watching closely.
This week's summary
Rio Tinto's week closes almost flat, down 0.4%, but the latest session tells another story: all of the day's volume was on the buy side, and on the daily chart a double bottom is taking shape in the 6540 area, with an 8% rebound. The Sell signal, now four weeks old, keeps losing its edge - the descriptor reads "decline losing steam" - while the short is already up 6.17%. Rio Tinto shares still sit 21.9% above their 200-week average: weekly technical analysis on a picture hanging in the balance.
IQS Phase
62
ordinary
Signal Strength
28
decline losing steam
Sizing
MINIMUM
Ranking
#21 / 53
EU-UK stocks sell signals
Trade P&L %
+6.17%
from signal to today
restricted Platinum content